Formulate raises $1.4M in investment capital from Swedish venture investor Industrifonden.
Formulate, a Stockholm, Sweden-based startup providing an AI-based platform helping retailers manage their promotions, announced securing a €1.2M ($1.4M) seed round.
The money was provided by Swedish venture Industrifonden and included contribution from existing angel investors. enabling the company to continue to grow the tech team, and let more retailers to optimise their promotions.
Formulate, founded in 2013 by Andreas Willgert (CEO), Arvid Stenback and Robin Bartholdson, developed DecisionCloud, an analytics platformthat gives retailers the facts and forecasts they need to make better promotion decisions. The company uses AI in order to detect complex patterns in retailers transaction data and let them see which products, discounts, brands and suppliers that grow their business.
DecisionCloud analyzes standard receipt data from both e-commerce and physical retailers, and takes into consideration how purchases for non-discounted goods and categories are influenced by promotions, how season and weather are driving sales, and what deals are the most effective in different parts of the assortment.
Prior to this investment round, Formulate added more than half a million dollars in capital from outside investors including Bo Mattsson, Caroline Rosén, DHS Venture Partners, Lars Lindgren and Per Uebel.